Insurance brokers are getting crushed today after OpenAI approved the first insurer-built AI app on ChatGPT -
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From GS – “The immediate feedback still is a degree on confusion & the top question is 'Why would this primarily impact the brokers (who primarily do commercial .. think there's only home insurance at the majors for high net worth)' .. with a few arguing it's 1) more negative for personal insurance carriers given greater price transparency/shopping/competition, and 2) Insurance brokers dealing in more specialty products should be better insulated given complexity. All that said, there's certainly a degree of 'don't fight the narrative' .. and this is all very fresh/fluid at the moment”